Estonia

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Economic performance in 2021 exceeded all expectations, with 8.3% GDP growth. This was steered by strong consumption, massive production expansion and a strengthening position on the global market. Yet the war has been a turning point. Because the Estonian economy started the year in excellent shape, economic recession will likely be avoided. However, real economic growth will fall to 1.8% in 2022, due mainly to rapid price rises, supply-side issues, disruptions to exports and a lack of major one-off investment – all magnified by the immense geopolitical uncertainty.
        FORECAST*
Main Economic Indicators201920202021202220232024
Population, 1000 persons132713291329...
GDP, real change in %4.1-3.08.31.83.43.1
GDP per capita (EUR at PPP)257902516028200...
Gross industrial production, real change in %6.9-3.07.2...
Unemployment rate - LFS, in %, average4.46.86.28.06.05.2
Average gross monthly wages, EUR140714481547...
Consumer prices, % p.a.2.3-0.64.511.03.52.8
Fiscal balance in % of GDP0.1-5.6-2.4-3.0-2.1-1.2
Public debt in % of GDP8.619.018.1...
Current account in % of GDP2.5-0.3-1.1-0.8-0.5-0.3
FDI inflow, EUR m271830556550...
Gross external debt in % of GDP76.391.185.9...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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ESTONIA: Heading into the unknown

Maryna Tverdostup
in: Overshadowed by War and Sanctions
wiiw Forecast Report No. Spring 2022, April 2022 , pp. 61-64
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Monthly Report No. 1/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Marcus How, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 1, January 2022
58 pages including 4 Tables and 21 Figures

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